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Standard-Chartered-Simon-Cooper PUBLIC Barclays Global Financial Services Conference, 15 September 2020 Transcript of Q&A with Simon Cooper, CEO, Corporate, Commercial & Institutional Banking (Amended in places to improve accuracy and readability) Aman Rakkar: Good morning or good afternoon, depending on where you are in the world. Thank you for joining us for the European track of the Barclay's Global Financial Services Conference. Sorry, we were a couple of minutes late to get started. Had some technical issue that we've overcome. We're really, really grateful to have Simon Cooper here from Standard Chartered. Simon is the CEO of the Corporate Commercial & Institutional Banking division. Having joined the bank in 2016, Simon has a wealth of experience in corporate finance, corporate banking and transaction banking. So, first and foremost, Simon, thank you very much for your time. Appreciate you making yourself available. Simon Cooper: No, thanks for having me. So, not the transatlantic trip I was expecting, but we'll make do digitally. Aman Rakkar: Thanks so much. Hopefully next year, we'll get a chance to meet face-to-face. Just before we kick things off, for anyone who's dialed in, I just want to point you to the audience response survey questions in the margin. Hopefully you guys are familiar with that. If you do get the chance, please do fill them out. It's a nice fun, interactive part of the session. And also as another reminder, you do have the ability to submit questions directly into us. We'll collate them and run them by Simon. Cool. So, just to transition basically to the main event, Simon, again, thanks very much for your time. Appreciate it. So, many of your key markets, particularly in Asia are arguably ahead of other regions, particularly the West in their experience with COVID. Interested in what kind of update you can provide. What are you seeing in terms of business performance activity, as we emerged from the initial stages of the pandemic? Simon Cooper: Okay, thanks. So, I think you're right. As the crisis hit, I think the initial phase was really characterised - and I guess particularly so, as you were saying, in the Americas - by clients focusing on their balance sheets. On protecting liquidity, protecting ratings. We saw, initially, Revolving Credit Facility drawdowns and then incremental bank liquidity lines as people looked to shore that up. And at that time, if you remember, the Commercial Paper markets and the Debt Capital Markets were broadly closed. Page 1 of 11 PUBLIC That's now changed and we've seen record DCM activity in the investment grade markets. And we've started to see it opening in the high-yield market. What that meant for me and for my business was, we were able to capitalise on that, I think, reasonably well. So, we were able to support clients, particularly in the US and Europe, at that point in time. We participated in those fundings and those balance sheets shoring up and are starting to get payback now in terms of activity that’s taking place, be that in terms of transaction banking or financial markets or increasing DCM activity. I think, in many instances, we were able to sort of up-tier our overall position with clients. When you turn to our footprint and I guess Asia in particular, actually we saw the same, but to a much lesser degree. The clients were typically already well- placed in terms of balance sheets. And the financial markets stayed open. You look at China now and it's full of liquidity and pricing's still tight. That’s in contrast to Europe and the Americas, where we were able to see an uptick in pricing in the debt markets. But I think as we look forwards, we're seeing clients remaining reasonably bullish, I think. The key themes that have come out are: • Firstly, digital. I think every client, be it a financial institution or a corporate, they are really focusing on digitisation and how they interact with us in a digital fashion. I think I talked at the last conference about creating digital channels and data [group] coming into me. I guess, by luck rather than judgment, that has proved really prescient. We've moved from trying to convince clients to interact digitally to clients insisting on interacting digitally. We're going to see, I think, significant investment from us and from our clients in the digital space going forwards. • The second thing you're seeing is one of focus. We're seeing people start to narrow down the business areas they're looking at. So, if you're a broad real estate client, actually you're shifting away from looking at offices. You're shifting now more towards logistics or data, we're starting to see that. We just acted for Singlife on their acquisition of some of Aviva's businesses in Southeast Asia. Again, clients looking to really focus on what they're doing and consequently what they don't do. • And then sustainability will be the other strong call out, where our footprint is a real opportunity for Standard Chartered. But clients are really starting to live the sustainability agenda in terms of the way they're acting, the way they are thinking of tapping markets. Geographically, actually China remains important, I guess both in terms of it as a domestic market, the potential for domestic consumption. We're seeing clients doing some acquisition activity to consolidate their positions in China. I think Page 2 of 11 PUBLIC we're starting to see more Chinese clients look at South Asia and Southeast Asia in terms of opportunities for them to flow out. So, it was definitely a challenging start to the year, but I guess when you look at the part of the bank and the business I run, we were up 9% year on year from an income perspective. And that was really driven by client activity in our footprint. Aman Rakkar: Perfect. Can I join into a couple of those comments then, around revenue... CIB division that you run... a major division for Standard Chartered that you were responsible for, was a real source of revenue strength for the group in 1H, notably within financial markets. Interested in how much of that you think reflected broader buoyant conditions that we observed globally in financial markets, which may be hard to repeat? Versus, how much of that you think reflects the kind of structural repositioning of that business that you've undertaken in recent years? Simon Cooper: I think as you look at what we've been doing, we clearly have done a lot of restructuring of the Financial Markets business. It's definitely true to say that we've benefited from the volatility that was there. But as I try and quantify that in terms of our Financial Markets revenue that came through, actually I think probably only about 50% came from market conditions. I think the balance came from that strategy we've had, to deepen client relationships. To invest in the digitisation that we already just touched on, of the Financial Markets business. And then to expand our overall products and geographic capabilities. If you start to think about that going forwards, that means that, yes, we've benefited from volatility, but the base that we're looking forwards from has I think increased. So, as we look forwards, it's not just riding a volatility curve. If you drill down into that a bit more, we've seen a lot more revenue coming in from more complex and structured deals. We've seen a lot more client activity in terms of digital channels, and that investment in digital platform technology has started to pay off. Aman Rakkar: Okay. Cool. To that effect then, how should we think about revenue performance in financial markets in 2H? Is there anything that you're able to tell us about conditions that you've experienced in 3Q, relative to 1H? Simon Cooper: Yeah, well, I haven't been on holiday in August, but it does seem like everybody else in Europe and the Americas did go on holiday. We certainly saw a little bit of a dip in August, to be honest, as is normal in August for our Financial Markets business. We've seen that volatility has come down from its peak. But, as we go into a large part of September now, actually the Financial Markets business has maintained pretty good momentum. We're starting to see good signs of improvement in terms of global credit. We're seeing our credit structuring and distribution group starting to pick up business as demand for emerging market assets pick up. And investors in this environment are Page 3 of 11 PUBLIC continuing to chase duration and yield. And that's an asset class that fits very well in terms of Standard Chartered's footprint and what we can create. Aman Rakkar: That's really helpful. I guess, the offset to that financial markets strength that we saw coming through in 2Q, and I guess which faces a bit more of a challenging outlook, is transaction banking. Namely cash management and trade finance, significant revenue streams for CIB. Impacted by rate cuts and weaker trade. How are you thinking about these businesses? And do you think that's a fair characterisation of the outlook, firstly? And then secondly, is there anything that you can do in order to regain momentum in that business? Which I think actually has been pretty impressive up until basically what we've seen take place this year.
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